Galapagos completes drive-by financing
This article was originally published in Scrip
Executive Summary
Galapagos, the Belgian drug discovery company, was able to conclude an overnight €28.7 million private placement by tapping into institutional finance house which were looking to recycle the money they made in Benelux-based companies Crucell and Movetis. The company sold 2.4 million shares at €12 each, which represented an 8% discount to the previous day's €13 a share close. The new funds will be used to replenish the company's acquisitions war chest.